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Committee hears public comment on bill to let treasurer invest up to 5% in precious metals and digital assets
Summary
During a public hearing on House Bill 302, Representative Olney introduced legislation to permit the state treasurer to invest up to 5% of public funds in precious metals and digital assets. Testimony emphasized the volatility of such assets and recommended the treasurer be present for a committee work session scheduled April 1.
Representative Olney introduced House Bill 302 to the House Ways and Means Committee, saying the measure would enable the state treasurer to invest in precious metals and digital assets going forward.
Susan Almey, speaking as a citizen from Lebanon, urged the committee to kill the bill or at least hear from the treasurer before advancing it. "This bill does give her the option... All of these items are subject to extreme variation, up and down," Almey said, adding that the treasury's role "is to be stable and provide immediate money as needed."
Committee members asked about the practical effect of the bill's 5% cap on invested funds. One member estimated a 5% allocation would amount to about $10 million, depending on the size of the invested base. Committee members also raised staffing and expertise concerns, asking whether the treasury currently has staff experienced in commodity trading or digital-currency markets; Almey and other speakers said the treasurer's staff is small.
With the treasurer absent, the committee set a work session for April 1 and requested that the treasurer or a Treasury Department representative attend to answer technical and staffing questions before additional committee action.
No formal motion or vote on HB 302 was taken at the hearing.
